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Topic starter
24/02/2011 4:11 pm
Hi
I have a bank account with the RBS(Key Account) I signed into a protected trust deed 27 SEP 06. I subsequently stopped paying into this Sep 09. The company ...Invocas dragged their heals that much that I was only finally discharged from it on 16 May 10, through no fault of my own. Now this I assumed would fall off my credit file 27 Sep 12. The Royal Bank have just advised me that they would not consider my account for an upgrade (say to Royalties Gold) until May 13.
I consider that a sting in the tail from Invocas's in ability to discharge me sooner. Will this affect me with other banks/companies, especially with obtaining say a mortgage. It looks like I am stuck till May 13, not Sep/Oct 2012 as I originally thought.
Snapshot is...Beware a trust deed as you end up being punished for it with banks etc for 6-7 years after you sign into it even though you think you are clear after 3!
24/02/2011 5:44 pm
Hi Jabber.
Obviously nobody here is going to defend that amount of time to close your protected trust deed.
I'm not sure that this will have made a difference to your credit file though (please tell me if that isn't the case for you).
Any credit entry stays there for six years.
The banks can exercise whatever criteria they choose when deciding what accounts to offer to which people. RBS seem as though they may be using a "three years after trust deed closure" rule rather than your credit record to make their decision. Maybe you should look to change banks to one that is keener to meet your needs?
In terms of a mortgage; some lenders will use product criteria that specify certain products are only available, for example, one or two years after a trust deed has been closed or completed. Where that's the case slow trust deed closure could certainly be disadvantageous and cause a delay in meeting acceptance criteria with some lenders.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
24/02/2011 8:02 pm
To be honest I am finding them a pain. The Royal Bank (my branch) keep phoning me asking me if I would like to upgrade to their Royalties Gold, and when I explain to them that they would be wasting their and my time, they seem to back off, well at least for a month..
What is really annoying though is they seem to misplace my letters. I have sent them copies of my discharge letter and the date I signed the trust deed. Yet they still cannot update my file with Experian with the correct date of default, which would have been 27 Sep 2006. (A credit card I had with them back in 2006)
I'm also struggling to have my files corrected by another company who have it all wrong. That being Eversheds aka MAX Recovery who seem to buy bad debt from company's like Northern Rock and Morgan Stanley for their own means...Concerning really.
Regards Rob
Regards Rob
24/02/2011 8:22 pm
It's amazing how many of us put up with banks that we're not happy with even though it's much easier to change now than it was years ago. I'm no different.
I'm sure your persistence with the default notices will end up being worthwhile Jabber even if it is frustrating work now.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
24/02/2011 8:56 pm
RBS have phone to upgrade our joint account, but i refuse every time by hanging up the phone & dumping the letters.. It was my greed with these fancy bank accounts with overdrafts/credit cards that got me into trouble. I was aware that my trust deed will be shown on my credit file for a total of 6 year, It should be off in 2014 early 2015. Thankfully i am now in the mindset of not applying for credit. Its not that i can't get it, its now I don't want it.
